Accounting, regardless of the type of nonprofit you operate, will always be an essential part of building not just your financial foundation, but also a great avenue to plan for your organization’s future. Right from your expenses in-house to the projects you run as well as the financial forecasting and planning you need to get more donors, accounting does more to your organization’s success than you may think. The caveat is, we’re in an era where everything changes dramatically within a short time because of technology, and accounting is no different.
And with that said, the accounting principles of yesteryear may be obsolete today and manual accounting work has largely been replaced by software. As a nonprofit, your accountant or accounting department needs these new software tools to be able to keep up with the market and also create better accounting systems in your organization. Trouble is, not all accounting software programs are the same. This is why we gathered some of the best accounting software for nonprofits to help you make the best decision.
Aplos is built specifically for nonprofits and charities to manage their entire accounting systems, from budgeting and donation to nonprofit financial statement reporting and forecasting. As a great accounting software for nonprofits, Aplos packs a lot of features, including:
- Funding – funds, and grants accounting for better financial reporting
- Custom charts for all your nonprofits accounts streamlined to suit your needs
- Track and manage your nonprofit’s sources of income
- Create and organize nonprofit financial reports, including fund or income statements and balance sheets.
Pricing for Aplos
There are two options. The first is the Aplos Fund Accounting, which comes at $59/month at the time of writing. This plan could be enough for many small and mid-sized nonprofits. For the organizations that need more advanced accounting power and customization, the Advanced Accounting Upgrade plan, which starts at $159/month could be a better option.
Accounts by Software4Nonprofits
Accounts, created by Software4Nonprofits, is a great accounting software for nonprofits. Whether you’re running a full nonprofit accounting team or using the services of a consultant, Accounts is built for easy understanding to help in taking care of your books. Key features of Accounts include:
- Track and manage your nonprofit’s spending
- Track your funding, your balances, and donations.
- Great interface and integrations for organizations to use when handling legal accounting documents from government authorities.
- Excellent interface for creating and managing your nonprofit’s financial reports.
- Ability to track and manage your nonprofit organization’s banking activities, bills, reports, and vendors.
Nonprofit Treasurer – (free)
Nonprofit Treasurer is one of the best and a completely free accounting software for nonprofits. It’s built to give treasurers and accountants in the NGO sector a great cloud-based accounting platform to streamline financial management and reporting. Whether you’re a large nonprofit organization, a club, sport organization or scout troops, so far as you’re a nonprofit, you can use the Nonprofit Treasurer. Key features are:
- An income attribution feature that allow nonprofits to easily manage monies from donations and expenses as well.
- Excellent and timely reports for nonprofit’s budget performances, finances for a period of time, and many more. Reports can be delivered yearly or monthly depending on the organization’s preferences.
- Easily import transactions from your bank or PayPal to help streamline finances.
Built to help nonprofits manage their finances, FastFund caters to a wide range of organizations, including health care, charities, sport clubs, art foundations, associations, educational institutions, and religious organizations. FastFund focuses on tree main areas:
Accounting: for nonprofits to easily manage IRS Form 990, FASB Compliant Financial statements, customized charts of accounts, and maintain proper controls.
Fundraising: this product helps nonprofits manage alumni, volunteers, donors, cash pledges, automated receipts and more. The goal is to create a place for nonprofits to seamlessly manage fundraising.
Payroll: this tool is to help nonprofits keep employee payrolls, streamlined with the overall expenditure of the organization. Features of this payroll tool include payroll tax filings, customized reports, automated payroll tax payments, built-in tax tables, and more.
Pricing for FastFund is very flexible:
- The accounting tool comes with a, Standard plan for $42/month and a Premium plan for $94/month.
- The fundraising tool has $42/month for the Basic plan and $82/month for the Premium plan.
- Pricing for the Payroll tool depends on the number of employees you have, right from 1 – 5 employees to 91 – 100 employees.
Built for the NGO sector, Denali Fund is a great accounting software for nonprofits of all sizes. It takes care of all a nonprofit’s accounting needs, helping organizations account for every penny spent or received and making their books FASB and GAAP compliant. As one of the products of COUGAR MOUNTAIN SOFTWARE, these are the features of Denali Fund accounting software:
- Easily track and manage all your nonprofit grants and donations
- Manage all your nonprofit events – accounting for cost and revenues
- Great business intelligence capabilities that aid in predictive analytics and spend forecasting.
- Denali FUND “allows encumbrance transactions, which provide a way for nonprofits to set aside a specified amount of funding for known expenses.”
- Great ecosystem to add add-ons such as digital signature tools, human resource apps, time tracking software, donor CRMs, and tax tools.
Intuit QuickBooks Online
While it’s not built specifically for nonprofits, Intuit QuickBooks Online is a great accounting software that many nonprofits use to manage accounting resources. It offers on-premise and cloud-based accounting solutions that nonprofits of all sizes can leverage for payrolls, payments, spend management, and asset calculations, just to mention a few. Key features include:
- Great platform that syncs with your bank accounts and other applications to streamline your accounting system
- Excellent expense receipts that ensures your taxes are done right
- Unmatched customer support all the time
- Easy interface to manage accounts on desktop, mobile, and tablets, as well as assign work to accounting teams
- An invoice interface for easy invoice creation, management, and sending – especially for nonprofits doing work for other organizations
- Allows for inventory management for nonprofits that deal with the movement of goods and services across the world
- Also has the QuickBooks Premier Nonprofit for users on its Premier plan who want to manage donations, funds, and other nonprofit accounting activities.
Another mainstream accounting software, Zoho Books is built in such a way that its simplicity and the products it offers makes it ideal for nonprofits of all sizes to use for accounting. It’s also one of the most affordable accounting software for nonprofits in this list. And although it doesn’t come with dedicated nonprofit features, it has two tools that make nonprofit accounting possible – the donor management and volunteer portals. These add-ons are free and does a lot of accounting for nonprofits when combined with the usuall Zoho Books features. Key features include:
- Great mobile application support
- Invoicing and expenses tracking
- Reporting and analytics for better decision making
- Excellent customer support